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China Mobile: A Cheap Play on Alibaba's Growth

China Mobile's stock-market value of $195 billion is about what Wall Street expects Alibaba to command after its initial public offering later this year. The similarities largely end there. China Mobile is unloved and inexpensively valued. Alibaba, the e-commerce giant, which filed a registration statement last week ahead of its U.S. public offering, is the toast of the town.

At $48, the U.S.-listed shares of China Mobile (ticker: CHL) trade for about 10 times trailing profits and 11 times estimated 2014 earnings. The...